StanChart launches digital trade counter

Standard Chartered Bangladesh has launched Digital Trade Counter to allow clients to submit trade transaction applications and related documents.

The online "drop-off" counter is a secured and self-reliant platform, and corporate clients can access a paperless, simpler, smarter application and management flow through this solution, it said in a press release yesterday.

Naser Ezaz Bijoy, chief executive officer of Standard Chartered Bangladesh, said, "Digitising trade is a critical lever to accelerate economic development and improve productivity. In our mission to pioneer a frictionless banking experience, we have introduced yet another digital tool, the Digital Trade Counter."

"I am sure our clients will benefit from the seamless application process that this Digital Trade Counter will enable."

The clients can upload their instructions to bank through the counter from anywhere in the world. Besides, the data on the hard copy forms uploaded on the counter automatically flows into the bank's system and gets registered, according to the press release.

There is no "waiting time" for registering of the transaction. This is an interactive platform that also informs the clients if any additional document or information is required to complete the transaction, and the clients can respond accordingly.

The counter has other unique features that give the clients many conveniences, including shorter turnaround time, real-time transaction tracking, one single page to complete the entire application, and enhanced security with an audit trail to ensure full transparency.

The first client to use the counter was Univogue Garments Co Ltd.

When asked to share their experience, Gamini De Silva, chief financial officer of Univogue Garments, said, "We recently applied for issuance of two shipping guarantees on the counter."

"We were able to upload the needed documents and apply within minutes, saving much time that is otherwise needed to fill up an application form."

"Plus, we were able to track the transaction flow, from receiving the transaction and execution of the transaction.

This real-time update about transactions is very helpful for us," Silva said in the press release.